President Biden emphasizes why the Indo-Pacific Trade is so important
President Biden is headed back from Asia today.
It comes off the heels of his announcement about a framework for the Indo-Pacific Trade initiative to develop closer ties with countries in the Asia-Pacific region. The initiative will focus on supply chain issues, clean energy, climate change, and infrastructure, but right now, it does not include market access.
Here is why the President says working with these nations is so important.
“The future of the 21st-century economy is likely going to be written in Indo-Pacific. Indo-Pacific covers half the population of the world and more than 60 percent of the global GPD.”
Taiwan is not among the 13 countries included in the pact, likely for fear it would upset China. Ag groups largely praised the framework, but exporters say they need more information. They also want reassurance that farmers will have market access and economic opportunities if the agreement does not include tariff reductions.